PALO ALTO, Calif., May 12, 2011 (BUSINESS WIRE) -- Financial Engines (NASDAQ: FNGN), the largest independent provider of investment management and advice to employees in retirement plans, today announced the election of Blake Grossman to its Board of Directors effective May 11, 2011. Mr. Grossman will also serve on the compensation committee.

"Financial Engines has pioneered the use of technology to serve retirement investors who traditionally have not had access to high-quality advice and management," said Blake Grossman. "I am honored to be joining the board of directors of such an innovative and passionate company, and I'm excited to help Financial Engines further extend its innovation and industry leadership so they can help even more retirement investors."

Mr.Grossman held executive positions with BlackRock, Inc., an investment management, risk management and advisory services provider, through 2010, including Vice Chairman and Head of Scientific Investments. Previously, Mr. Grossman served as the Chief Executive Officer of Barclays Global Investors (BGI) until it was acquired by BlackRock in December 2009. From 1996 to 2009, Mr. Grossman held various executive positions with BGI, and founded the company's Global Advanced Strategies Group in 1992. He joined Wells Fargo Investment Advisors in 1985 and remained with the firm as it was acquired by Barclays to form BGI in 1996. The Financial Analysts Journal awarded Mr. Grossman a Graham and Dodd Award for his research on the investment implications of divestment decisions, co-authored with William F. Sharpe, in 1986. Mr. Grossman graduated Phi Beta Kappa from Stanford University, where he received a master's and a bachelor's degree in economics.

"We are fortunate to have Blake join our Board of Directors. Blake's experience running one of the largest financial services firms in America will serve us well as we grow," said Jeff Maggioncalda, president and CEO of Financial Engines. "The combination of Blake's track record in financial innovation and pragmatic operational experience will help Financial Engines continue to design and deliver revolutionary new services that redefine how America invests for retirement."

About Financial Engines

Financial Engines is the nation's largest independent investment advisor and is committed to providing everyone the trusted retirement help they deserve. The Company helps investors with their total retirement picture by offering personalized retirement plans for saving, investment, and retirement income. To meet the needs of different investors, Financial Engines offers both Online Advice and Professional Management. Professional Management includes Income+, which provides steady monthly payouts from a 401(k) that can last for life. Co-founded in 1996 by Nobel Prize-winning economist Bill Sharpe, Financial Engines works with America's leading employers and retirement plan providers to make retirement help available to millions of American workers. For more information, please visit www.financialengines.com.